4637 Chabot Dr Pleasanton, CA 94588-2805

This exceptional three-story, 74,508 square foot medical office building in Pleasanton, California, presents a compelling investment opportunity. Located at 4637 Chabot Dr, 94588, in Alameda County, this 21-suite property boasts a strong 87.5% occupancy rate, recently bolstered by a significant lease in Q3 2024. The building, constructed in 1984 with a steel frame, features a current cap rate of 7.13%, projected to reach 7.85% within the next year based on existing contracts. Significant recent improvements include new AC compressors and boilers, along with approximately $5 million in tenant improvements over the past five years, including a $2 million upgrade to suite #200, which was recognized as a CoStar deal of the third quarter in 2022. The majority of the remaining vacant space is market-ready, with the largest suite already benefiting from a substantial $2 million tenant improvement package. Three new leases were signed in the second quarter of 2023. The property sits on a 4.03-acre lot and enjoys a convenient location, within walking distance of the Gateway Shopping Center and its numerous restaurants. The asking price is $16,000,000.